News

Egyptian Naguib Sawiris Launches New Bank In Europe

Egyptian Naguib Sawiris Launches New Bank In Europe

Egyptian billionaire Naguib Sawiris has launched a new bank that operates in several European countries to finance small and medium enterprises (SMEs).

RiverBank S.A. announced its official start date as of April 10 after receiving a full European banking license from the European Central bank (ECB) last March.

A press release stated that RiverBank is a specialised lender dedicated to the financing of small and medium enterprises; it is currently looking into Benelux Union countries and Germany.

The bank is targeting a volume of loans that varies between EUR 75,000 and EUR three million, in addition to mutual investment opportunities that could reach EUR 10 million in value.

RiverBank will be composed of a light corporate structure. Until 2018, RiverBank will offer competitive online savings products and further expand its core lending business. Its technology will be supported by a credit team, which will guarantee superior credit risk supervision, according to the press release.

“The bank is considered an addition to our huge investments in Luxemburg and Europe,” Sawiris stated.

Co-founders of RiverRock ECP LLP Professor Roland Berger and Michel Péretié, said that the creation of RiverBank would complement their strategy to support the backbone of the European economy.

In Forbes 2017 Billionaires List and with a fortune of $US 3.9 billion, Naguib Sawiris ranks the second richest locally and 460 globally. 

Egypt Annual Inflation Jumps to Its Highest Rates in 30 Years
Three Explosions Target German Football Team

Subscribe to our newsletter


News

More in News

Legendary Egyptian Dancer Mahmoud Reda Dies Aged 89

Egyptian StreetsJuly 10, 2020

Egypt Passes Law Concealing Identity of Sexual Harassment, Assault and Rape Victims

Egyptian StreetsJuly 9, 2020

Ethiopia to Start Filling GERD in July: PM

Egyptian StreetsJuly 8, 2020

Accused Sexual Predator Ahmed Zaki Confesses to Blackmail, Intimidation: Egyptian Public Prosecution

Egyptian StreetsJuly 7, 2020

Egypt’s Minister for Military Production Mohamed El-Assar Dies at 74

Egyptian StreetsJuly 7, 2020

Multiple Egyptian Women File Official Complaints Against Accused Rapist Ahmed Bassam Zaki

Egyptian StreetsJuly 6, 2020

Al Azhar Encourages Victims of Assault to Speak Up, Report

Egyptian StreetsJuly 5, 2020

Police Detain Ahmed Bassam Zaki, Man Accused of Raping, Assault and Harassing Over 50 Women

Egyptian StreetsJuly 4, 2020